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Mortgage Scene: What Comes After the Refi Boom? Time to Start Asking.(Brief Article)
The mortgage industry is one of few businesses I know that does well when the overall economy slows. It doesn't take a rocket scientist to know that when the gross domestic product (GDP) hits the fan, the Federal Reserve cuts interest rates and when rates fall mortgage originators celebrate.
Yes, 14 short months ago refis were at, almost, a historical low. How low? In the second quarter of 2000, according to figures compiled by this newspaper, refis accounted for just 18.2% of all loans being produced. In the third quarter, the refi rate languished at 18.3%. Not until the Fed began cutting rates did the refi juggernaut go into orbit.
And what an orbit it's been! In the first quarter of 2001, refis were at almost 55% of production and the second quarter likely will come in at about 60%.
Yes, the stock market has been in the tank, especially the Nasdaq. Firms that were once proud of the "dot-com" or "B2B" moniker are now moving to distance themselves from those ugly words, that is, if they haven't filed for bankruptcy protection. Second quarter GDP probably will weigh in at 1%.
But wait, as Mortgage Servicing News was going to press this month bad news was on the horizon. It appeared that, yikes, the overall economy was showing some actual, positive signs of improvement.
According to one wire report, "An index of U.S. manufacturing in June rose to a seven-month high and consumer spending increased more than expected in May ..." One economist noted that, "The economy appears to be shaking off its slump." Not only that, but oil prices are now at about $25 a barrel, a 21% decline from their yearly highs. Yikes! Could this recovery be for real?
It could indeed. Then again, there's been plenty of false starts and false positives. ...
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...financially distressed customer and obtains a purchase money security interest in the product and...can recover from the proceeds of its purchase money collateral. The supplier's security...issue after the customer sells the purchase money supplier's inventory collateral...
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- News wire article from: Mortgage Line Kersnar, Scott October 20, 2004 700+ words
...which have truly sailed off to make the most of the current purchase-money market. For one, Calabasas, Calif.-based Countrywide...differentiating itself from competitors as a dominant player in the purchase-money arena. Countrywide is scarcely the only lender leveraging...
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...which have truly sailed off to make the most of the current purchase-money market. For one, Calabasas, Calif.-based Countrywide...differentiating itself from competitors as a dominant player in the purchase-money arena. Countrywide is scarcely the only lender leveraging...
